| 초록 |
This paper analyzes two major approaches to measuring risk attitude focused on apple farmers in Korea. In the literature, two major measurement approaches can be identified: those from the expected utility framework, and those constructed using psychometrics. The results show that the mean of Arrow-Pratt coefficients of absoute risk aversion is 0.3529×10-5. The results also indicate that the statements with the highest level of agreement addressed the following risk management tools: familiarity with neighborhood, management of damages by harmful insects, adequate period of farming operation, maintaining a low debt-to-asset ratio, and making necessary preparations for a flood. The test with actual market behavior shows that more risk-averse farmers are more likely to buy crop insurance. The results show that more risk-averse farmers are more likely to buy crop insurance. The results show that greater risk aversion is significantly related to buying crop insurance. In contrast, the psychometric scale is less significantly related to buying crop insurance. The findings of this study could be an important information to mange agricultural risk.
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